Financial Feasibility Analysis for the Gehry Partners-Designed 8150 Sunset Blvd. Project (Alternative 9)
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1 June 29, 2016 Tyler Siegel Suite Beverly Blvd. West Hollywood, CA Re: Financial Feasibility Analysis for the Gehry Partners-Designed 8150 Sunset Blvd. Project (Alternative 9) Dear Mr. Siegel: Per your request, HR&A Advisors, Inc. (HR&A) has completed financial feasibility analyses of a development program you provided to us for a mixed-use development located at 8150 Sunset Boulevard in the City of Los Angeles ( City ). 1 As we understand it, approval of a Density Bonus and Affordable Housing Incentives has been requested from the City. The Affordable Housing Incentive requested is an off-menu incentive to allow an increase in floor area in order to render the project financially feasible with 28 affordable housing units for very low-income households, per Section A,25(f)(4) of the Los Angeles Municipal Code. ( AG-SCH ) provided us the basic development program for the development with a Density Bonus and Affordable Housing Incentives, as well as the 2012 land acquisition cost and a conceptual estimate of development costs (which we independently reviewed). AG-SCH also provided us the costs associated with the buy-out of eight existing tenants on the site, and estimates for certain professional fees, legal and environmental consulting costs, which are above-average due to the particulars of this project. We used AG-SCH s development programs, land cost, buy-out cost, and certain consultant costs in our analyses, but applied our own independent calculations of all other development costs, net operating income and investment returns. Our analysis utilizes HR&A s extensive real estate analysis experience as well as a number of well-established third-party real estate industry data sources for the Los Angeles area, which are noted in the detailed development pro formas in Attachment B to this letter. We evaluated the project s financial feasibility based on two investment return metrics commonly used in the real estate industry. First, for the income-producing apartment and retail uses, we evaluated the return on total development cost (i.e., Net Operating Income (NOI) divided by total development cost), for which we assumed a minimum threshold of one percentage point more than the applicable weighted average income capitalization (or cap ) rate for new development at this location, to account for investment risk. 2 1 This Financial Feasibility Analysis is for Alternative 9 (Gehry Partners Design), and supplements our March 1, 2016 Financial Feasibility Analysis for the 1:1 FAR development scenario and the original project 3:1 FAR development scenario. 2 The cap rate used for the feasibility determination in this analysis is a weighted average, based on the share of Net Operating Income (NOI) generated by retail versus residential uses, which is then multiplied by the cap rate for each respective land use. For example, with approximately $4.0 million in retail NOI and approximately $7.1 million in residential NOI (i.e., generated by 191 market rate apartments and 28 affordable units), the resulting weighted average cap rate 4.6% includes a larger contribution from the residential cap rate than the retail cap rate. HR&A Advisors, Inc. Los Angeles New York Dallas Washington, D.C.
2 Tyler Siegel June 29, 2016 Second, we evaluated the developer profit margin that would be generated by the project. This involved dividing the NOI from the project s rental components (retail and apartments) by the weighted average cap rate to estimate the sale value of the rental component of the development at stabilized operation. We then added estimated sale proceeds for the project s for-sale condominium units, and deducted costs of sale and total development costs. The ratio of the resulting developer profit to the net after-sale value of the project as a whole was then compared with a minimum developer profit margin threshold of 12.5 percent, which in our experience is a typical return threshold for Los Angeles development projects (i.e., midpoint of a percent range). Both of these return metrics are viewed as conservative (i.e., relatively low), considering the significant entitlement and litigation risk associated with a large project in the Hollywood Community Plan area. Using this approach and based on the analysis summarized below, and supported by the calculation detail in Attachment B to this letter, we conclude that: The development designed by Gehry Partners with 191 market rate rental units, 28 affordable rental units for very low-income households, 30 market rate for-sale units, 65,000 square feet of commercial space, and Affordable Housing Incentives that achieve a 3.0 FAR would be financially feasible. This is because the income-producing uses would generate a return on total development cost that is greater than the minimum threshold (i.e., 5.7% vs. 4.6%), and the entire project including the for-sale units, would generate a developer profit margin that is greater than the minimum acceptable threshold (i.e., 15.9% vs. 12.5%). The basis for this conclusion is summarized below. Sources and notes for the assumptions used in the analysis are included with more detailed pro formas in Attachment B to this letter. As shown in Table 1, the project s development costs total $276.5 million, Net Operating Income totals $11 million and Net Sales Revenue totals $89.4 million. As stated above, the minimum return on cost feasibility threshold for the income-producing uses was set at one percentage point more than a weighted average of the applicable cap rates for each rental land use (i.e., 5.4% for retail and 4.2% for multi-family residential, resulting in a weighted average cap rate for this development scenario of 4.6%). In order to appropriately reflect the return on cost of the NOI generated by the rental uses, both the condominium sales and the cost of constructing the condominiums were excluded from this calculation. The resulting return on total development cost, less the condominium construction cost, is 5.7 percent, as compared with a minimum threshold of 5.6 percent. For the project as a whole, which includes the sale value of the condos and the cost of construction for all product types, the ratio of developer profit to net after-sale value produces a profit margin of 15.9 percent, as compared with a minimum threshold of 12.5 percent. Therefore, this development scenario is financially feasible. HR&A ADVISORS, INC Sunset Blvd. Feasibility Analysis 2
3 Tyler Siegel June 29, 2016 Table 1: The 3.0 FAR Development Scenario designed by Gehry Partners with Market Rate and Affordable Housing and Retail, Density Bonus, Flexible Parking Incentives, and Off-Menu FAR Incentives With Affordable Housing Incentives Per Unit Total Development Program Land Area (sf) ,339 Gross Building Area (GSF) 1, ,903 FAR (based on GSF) 3 Rentable Area - Residential (NSF) ,170 Rentable Area - Commercial (NSF) 65,000 Sellable Area - Residential (NSF) 61,144 Building Efficiency 88.1% Apartments Market Rate 191 Affordable 28 Condominium 30 Total Units 249 Subterranean Parking Levels 4 Total Residential & Commercial Parking 820 Development Costs Total Land Acquisition $ 34,000,000 Hard Construction $ 165,150,949 Soft Costs $ 52,291,619 Financing Costs $ 25,084,398 Total Development Cost (TDC) $ 276,526,966 Sales - Residential Net Sales Revenue $ 89,478,660 Net Operating Income Annual Net Apartment Income $ 7,073,527 Net Commercial Income $ 3,953,235 Net Operating Income (NOI) $ 11,026,762 Feasibility Return on Cost (NOI / TDC) 5.7% Feasible? YES (Minimum = Cap Rate % = 5.6%) Developer Profit Margin Net Project Sale Value $ 328,687,766 Less: Total Development Cost (from above) $ (276,526,966) Developer Profit $ 52,160,800 Developer Profit Margin 15.9% Feasible? YES (Minimum = 12.5%) HR&A ADVISORS, INC Sunset Blvd. Feasibility Analysis 3
4 Tyler Siegel June 29, 2016 The details of our analysis of project feasibility are included in Attachment B to this letter. As noted above, AG-SCH provided us the basic development program for both scenarios, the 2012 land acquisition cost (which we reviewed against comparable sales for that period) and a conceptual estimate of development costs prepared by Suffolk Construction (which we reviewed against Marshall & Swift cost estimations for the Los Angeles area). AG-SCH also provided us the costs associated with the buy-out of eight existing tenants on the site, including two major national/regional fast food chains, and other design, environmental, legal and outreach (collectively consultant ) costs in consideration of the unique character of the proposed project design and the high degree of litigation risk associated with major projects within the Hollywood Community Plan area. As also noted above, we used the development programs, land, buy-out and consultant costs, but applied our own independent calculations of development costs, net operating income and investment returns. Development costs for the 3.0 FAR Development Scenario designed by Gehry Partners reflect both an elevated level of interior and exterior finishes as well as extensive subterranean parking, which will require major excavation and export of soil. In addition, the retail component of the project will require broker involvement to ensure rapid lease-up, commissions for which are included in total development costs. The elevated levels of finishes are expected to support residential and retail pricing at the highest end of current offerings in the Los Angeles area, which will be consistent with retail and residential products along the Sunset Strip portion of Sunset Boulevard in West Hollywood and Los Angeles. The market rate apartment rents used to calculate NOI for the project, which average about $6.30 per square foot are based on a review of market comparables for high-end, new construction apartments with retail in prime submarket areas and an analysis of rent premiums associated with highly-amenitized, luxury buildings as well as rent premiums associated with buildings designed by high-profile architects such as Frank Gehry. There are few directly comparable buildings in the Los Angeles region and as such, the rents used in this analysis are conservative estimates. The closest comparable is 8500 Burton Way, where apartment rents are reported to average about $7.00 per square foot. Our analysis assumes that, unlike many apartment buildings, rents for larger units are slightly higher on a per-square-foot basis than smaller units, as larger units will be located on higher floors with premium views. Reported rents for 8500 Burton and two additional comparable buildings, as well as estimated cap rates for recent nearby sales are included in Attachment A of this memo. The condominium sale prices used to calculate the project s net sales revenue, which average about $1,770 per square foot, are based on a review of market comparables for the highest-end of newly constructed condominiums in prime submarket areas. Reported sales for these properties are also included in Attachment A of this memo. It assumed that the comparable properties already include a premium associated with either a high-profile architect, superior level of services or location, and as such, there is no additional premium incorporated into the analysis. In determining the above-mentioned development costs, net operating income, project value and investor returns, HR&A relied on generally accepted third party and other data sources (sources for all assumptions are included in Attachment B) and our own expertise. HR&A is a national economic development, real estate advisory and public policy consulting firm. We have extensive experience analyzing the financial feasibility of many different kinds of development products and HR&A ADVISORS, INC Sunset Blvd. Feasibility Analysis 4
5 Tyler Siegel June 29, 2016 planning initiatives, including extensive experience in the Los Angeles metro area. Our clients include a wide range of private and public sector organizations, including various departments of the City of Los Angeles. Please contact me if you or the City of Los Angeles Department of City Planning has any questions about our analysis and conclusions. Sincerely, Paul J. Silvern Vice President Attachment A: 8150 Sunset Blvd. Rent and Cap Rate Comparables Attachment B: 8150 Sunset Blvd. Financial Feasibility Analysis Without and With Proposed Density Bonus and Affordable Housing Incentives for Increased Floor Area HR&A ADVISORS, INC Sunset Blvd. Feasibility Analysis 5
6 ATTACHMENT A 8150 Sunset Blvd. Rent, Sale, and Cap Rate Comparables Apartment Rent Comparables 1 Average Unit Size (SF) Average Rents Average Rents Per SF Address 1 BR 2+ BR 1 BR 2+ BR 1 BR 2+ BR 8500 Burton Way 991 1,448 $6,469 $9,005 $6.53 $ N. La Cienega Blvd 707 1,254 $3,176 $5,247 $4.49 $ Wilshire Blvd 1,234 1,809 $6,200 $9,672 $5.02 $5.35 Average 977 1,504 $5,282 $7,975 $5.35 $5.25 Average w/ 15% High-Profile Architect Premium $6,074 $9,171 $6.15 $6.04 Source: CoStar Group Includes large, very high-end new construction Condominium Sale Comparables Average Unit Size Average Sale Prices Average Sale Prices PSF Address 2BR 3+BR/PH 2BR 3+BR/PH 2BR 3+BR/PH 1 Century Drive 2,683 5,336 $3,402,885 $8,833,030 $1,268 $1, Club View Dive 3,398 3,888 $5,458,000 $9,512,118 $1,606 $2, Ocean Ave 1,579 2,195 $2,140,272 $4,950,000 $1,355 $2, Ocean Ave 1,666 2,405 $2,434,690 $5,100,167 $1,461 $2, N Canyon Drive 4,091 $9,306,269 $2,275 Average 2,332 3,583 $3,358,962 $7,540,317 $1,423 $2,151 Source: Redfin Retail Rent Comparables 1 Average Monthly Rent Address Per SF Hollywood Blvd $ N Robertson Blvd $ Santa Monica Blvd $ Vine St $ Hollywood Blvd $ W Sunset Blvd $ Melrose Ave $ Melrose Ave $ Melrose Ave $ N La Brea Ave $4.00 Average $5.54 Source: CoStar Group 1 Includes retail spaces over 1,500 SF within the West Hollywood and Hollywood submarkets, with NNN lease initiation dates after June Address Multifamily Residential 2 Cap Rate 1724 Highland Ave 3.88% 7950 Sunset Blvd 4.25% Wilshire Blvd 3.30% 6138 Franklin Ave 3.40% th St 3.50% 6300 Hollywood Blvd 7.00% Average 4.22% RERC - Apartment 4.80% Retail 3 Cap Rate Comparables W Sunset Blvd 6.00% Hollywood Blvd 6.75% Wilshire Blvd 3.50% Average 5.42% RERC - Retail 5.80% Source: CoStar Group; Real Estate Research Corp 2015 Q4 data 1 Within the Bel Air, Beverly Hills, Brentwood, Century City, Hollywood Hills, 2 Includes properties that were built after 2000, have 50 or more residential 3 Includes properties with 30,000 or more square feet of retail space that were sold after January HR&A ADVISORS, INC Sunset Blvd. Feasibility Analysis 6
7 Attachment B 8150 Sunset Blvd. Project Financial Feasibility, With Density Bonus, 3.0 FAR Development Scenario Designed by Gehry Partners with Off-Menu FAR Incentive, Parking Reduction and Side Yard Reduction With Density Bonus Per Unit Total Development Program 1 Land Area (sf) ,339 Gross Building Area (GSF) 1, ,903 FAR (based on GSF) 3.0 Rentable Area - Residential (NSF) ,170 Rentable Area - Commercial (NSF) 65,000 Sellable Area - Residential (NSF) 61,144 Building Efficiency 88.1% Apartments Market Rate 191 Affordable 28 Condominium 30 Total Residential Units 249 Subterranean Parking Levels 4 Total Residential & Commercial Parking 820 Unit Mix 1 Number Net Rentable SF Mo. Rent/NRSF Mo. Rent Total Mo. Rent Market Rate 2 Studio $6.40 $3,072 $ 147,456 1 Bedroom $6.25 $4,844 $ 561,875 2 Bedroom 17 1,150 $6.10 $7,015 $ 119,255 3 Bedroom 10 1,400 $6.50 $9,100 $ 91, $ 919,586 Affordable 3 Studio $0.96 $463 $ 2,778 1 Bedroom $0.67 $520 $ 9,360 2 Bedroom 3 1,150 $0.50 $576 $ 1,728 3 Bedroom 1 1,400 $0.45 $634 $ $ 14,500 Number Net SF Sale Price/NSF Total Sale Price Total Sales Condominium 4 2 Bedroom 15 1,500 $1,650 $2,475,000 $ 37,125,000 3 Bedroom 13 2,200 $1,450 $3,190,000 $ 41,470,000 4 Bedroom 2 5,022 $2,100 $10,546,200 $ 21,092, $ 99,687,400 Land Per Land SF Per Unit Total Land Acquisition 5 $ 305 $ 136,546 $ 34,000,000 Subtotal Land $ 305 $ 136,546 $ 34,000,000 Construction 6 Per Bldg. GSF Per Unit/Space Total Hard Construction-Buildings (weighted average for all components) $ 331 $ 444,283 $ 110,626,468 Hard Construction-Subt. Parking (per space) $ 42,500 $ 34,850,000 Hard Construction-Sitework (x Excavation Cu. Yard) 8 $75 $ 4,387,500 Hard Construction-Site Improvements (x Open Area SF) $50 $ 4,172,650 Tenant Improvements Allowance (x Retail NSF) 8 $50 $ 10 $ 3,250,000 Hard Cost Contingency (x Subtotal) 7 5% $ 24 $ 31,584 $ 7,864,331 Subtotal Construction $ 495 $ 663,257 $ 165,150,949 Soft Costs 9 Design, Engineering & Consulting Services (x Hard Costs) 14.0% $ $ 92,856 $ 23,121,133 Permits & Fees (x Hard Costs) 4.0% $ $ 26,530 $ 6,606,038 Taxes, Insurance, Legal & Accounting (x Hard Costs) 3.0% $ $ 19,898 $ 4,954,528 Development Management (x Hard Costs) 4.0% $ $ 26,530 $ 6,606,038 Tenant Buyouts 10 $ $ 20,482 $ 5,100,000 EIR, Legal, & Public Outreach 11 $ 8.09 $ 10,843 $ 2,700,000 Leasing Commissions 12 $ 5.89 $ 7,893 $ 1,965,250 Soft Cost Contingency (x Subtotal) 3.0% $ 3.71 $ 4,974 $ 1,238,632 Subtotal Soft Costs 31.7% $ $ 210,007 $ 52,291,619 Construction Financing Costs 9 Per GSF Per Unit Total Land + Hard Costs + Soft Costs $ 251,442,568 Loan to Cost Ratio 80% Construction Loan Principal $ 201,154,054 Loan Fees (%) 2.0% $ $ 16,157 $ 4,023,081 Interest Rate 6.0% Outstanding Principal Balance 60% Term (years) 2 Construction Period (months) 30 Construction Loan Interest $ $ 72,706 $ 18,103,865 Permanent Loan Points 2.0% $ 8.86 $ $ Subtotal Construction Loan $ $ 100,741 $ 25,084,398 Total Development Cost (TDC) $ $ 1,110,550 $ 276,526,966 1 of 2 HR&A Advisors, Inc Sunset Blvd. Financial Feasibility Analysis 3.0 FAR-Density Bonus (Gehry) 6/29/2016
8 Sales - Residential Number Total Units 30 Net SF Sales Price/NSF Sales Price/ Unit Total Sales Price 2 Bedroom 15 1,500 $ 1,650 $ 2,475,000 $ 37,125,000 3 Bedroom 13 2,200 $ 1,450 $ 3,190,000 $ 41,470,000 4 Bedroom 2 5,022 $ 2,100 $ 10,546,200 $ 21,092,400 Total Unit Sales Price $ 99,687,400 Less: Marketing and Cost of Sale 9 10% $ (9,968,740) Less: HOA Fees Through Full Building Absorption 13 $ (18,000) $ (270,000) Less: Warranties 3 30 $ 1,000 $ 30,000 Net Sales Revenue $ 1,463 $ 89,478,660 Net Operating Income Net SF Per Unit/Mo. Per NSF/Unit/Mo. Annual Gross Apartment Rental Income Market Rate Apartments $ 4,891 $ 6.38 $ 11,209,032 Affordable Apartments (Very Low-Income) 3 28 $ 518 $ 0.67 $ 174,000 Miscellaneous Revenue 9 $ 50 $ 0.07 $ Gross Income $ 3,860 $ 5.71 $ 11,532,432 Less: Vacancy Allowance 9 5 0% $ (193) $ (0.29) $ (576,622) Effective Gross Income (EGI) $ 3,667 $ 5.43 $ 10,955,810 Less: Annual Operating Expenses (x EGI) % $ (1,283) $ (1.90) $ (3,834,534) Less: Replacement Reserve (per unit/year) 9 $250 $ (16) $ (0.02) $ (47,750) Net Apartment Income $ 2,367 $ 3.51 $ 7,073,527 Net SF Per NSF//Mo Annual Gross Retail Rental Income (NNN) 2 65,000 $ 5.50 $ 4,290,000 Less: Vacancy Allowance (x Gross Income) 9 5% $ (0.28) $ ( ) Effective Gross Income (EGI) $ 5.23 $ 4,075,500 Less: Management Fee (x EGI) 9 3% $ (0.16) $ (122,265) Net Commercial Income $ 5.07 $ 3,953,235 Net Operating Income (NOI) $ 2.75 $ 11,026,762 Feasibility Return on Total Development Cost TDC Annual NOI Net Operating Income (from above) $ 11,026,762 Subtotal Development Cost (from above) $ 276,526,966 Less: Condominium Development Cost 14 $ (82,352,890) Total Development Cost $ 194,174,077 Return on Cost (NOI / TDC) 5.7% Feasible? YES (Minimum = Weighted Average Cap Rate % = 5 6%) 9 Developer Profit Margin Net Operating Income (from above) $ 11,026,762 Weighted Average Cap Rate % Apartment and Retail Value (NOI x Cap Rate) $ 241,625,359 Less: Cost of Sale 9 1.0% $ (2,416,254) Plus: Condominium Sales $ Net Project Sale Value $ 328,687,766 Less: Total Development Cost (from above) $ (276,526,966) Developer Profit Margin $ 52,160,800 % x Net Project Sale Value 15.9% Feasible? YES (Minimum = 12.5%) 9 SOURCES & NOTES 1 Townscape Partners. 2 HR&A, based on a review of market comps for high-end new construction apartments with retail in prime submarket areas and an analysis of rent premiums associated with highly-amenitized, luxury buildings. 3 LA Housing & Community Investment Dept. affordable rent schedule for Density Bonus program (Schedule VI), August 1, 2015, net of utility allowances, per Housing Authority of the City of Los Angeles. 4 HR&A, based on a review of market comps for high-end new construction condominiums with retail in prime submarket areas and an analysis of rent premiums associated with highly-amenitized, luxury buildings. 5 Townscape Partners-reported 2012 sale price. HR&A's review of comparable land sales for that period finds a range of prices between $400 and $600 PSF, suggesting that this price is reasonable and likely significantly below current market value. 6 HR&A estimate of weighted retail ($238 psf) and residential ($351 psf apartments; $458 psf condominiums) based on Marshall & Swift Cost Estimator software, January 2016 data for LA area. Includes demolition, some site work, but factored to remove soft costs listed separately. Assumes an aboveaverage quality, higher ceiling heights and adjustments for unusual facade/perimeter conditions. Additional supporting documentation from HR&A is available upon request. 7 HR&A estimate of parking costs based on Marshall & Swift Cost Estimator software, January 2016 data for LA area. Assumes subterranean parking at $100 per GSF and 425 square feet per space. 8 HR&A estimate of additional site work costs due to the significant amount of soil to be excavated and exported to Irwindale, CA, based on Marshall & Swift Cost Estimator software, January 2016 data for LA area. 9 HR&A assumptions typical for this type of project and/or calculations. 10 Townscape Partners. Includes buyout of 8 tenants, including 2 major national/regional fast food chains and miscellaneous other retail. 11 Townscape Partners. Includes consideration of entitlement uncertainties and the high degree of litigation risk associated with major developments within the Hollywood Community Plan area. 12 HR&A. Assumes a 3% broker commission on 5-year term commercial leases and 1.5% commission on 5-year lease renewals and marketing costs for both residential units and commercial space. 13 HR&A. Assumes average Homeowners Association (HOA) fees of $1,500 per month, and that 50% of units are pre-sold, with the remainder absorbed over a two-year period. 14 Share of total development cost based on ratio of building hard construction costs associated with the condomium component of the project and associated circulation and amenity space to overall building hard construction costs.. 15 Blended 5.4% retail and 4.2% multifamily cap rate, based on HR&A review of third party data sources (e.g., CoStar data for sale of similar buildings within relevant, nearby submarkets since 2012). Prepared by: HR&A Advisors, Inc. 2 of 2 HR&A Advisors, Inc Sunset Blvd. Financial Feasibility Analysis 3.0 FAR-Density Bonus (Gehry) 6/29/2016
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